Shikun & Binui Announces Second Quarter and First Half 2017 Results
AIRPORT CITY, Israel, Aug. 30, 2017 /PRNewswire/ -- Shikun & Binui Ltd. (TASE: SKBN), a global construction and infrastructure company headquartered in Israel, today reported its financial results for the second quarter and first half ended June 30, 2017.
Main Highlights
-- H1 2017 revenues: ~NIS 3.5 billion compared with ~NIS 2.2 billion in H1
2016
-- New Concessions Projects in Israel: Government campus in Nazareth,
courthouse in Hadera & a project for Israel's Ministry of Defense & won
IEC's tender for a 64MW photo-voltaic (PV) project
-- Progress in the ongoing activities in Renewable Energy: received license
for building the Etgal Power Station in Ashdod
-- Continued International Construction Activities: Work continued on
mega-projects in the US & Colombia; The Company won projects in 2 new
African markets - Tanzania & Mozambique;
-- Apartment sales amounted to 824 units during H1, out of which 522 were
in Europe
-- Yaron Karisi, the Company's CEO announced on July his intention to leave
the Company;
Business highlights during and after the reporting period:
-- Agreement to sell holdings in the Concessionaire of the North Roads
project:In February 2017, the Company sold 40% of its holdings in the
Concessionaire of the North Roads project, recording ~NIS 64 million in
pre-tax net profit.
-- Progress with Renewable Energy activities:
-- Received a license to build the 64MW Etgal Natural Gas Power Plant.
-- Won the Israel Electric Company's tender for a 64MW PV project.
-- Won new Concessions projects in Israel (to be executed by Solel Bonei):
-- Regional government campus in Nazareth: total project value ~NIS 400
million.
-- Courthouse in Hadera: total project value ~NIS 150 million.
-- SBI:
-- Nigeria - Work completed during H1: ~USD 105 million (NIS 370
million).- USD 61 million (NIS 215 million) were collected during
H1; and additional ~USD 40 million thereafter (NIS 140 million).-
Local currency: the Nigerian currency is not stable. Any additional
devaluations, should they occur, could likely have a material
negative effect on the Company's results.
-- Won roads projects totaling USD 60 million in Tanzania & Mozambique,
both representing new areas of activity for the Company.
-- Financing activities and processes:Offering of debentures: in January
2017, the Company expanded its Series 8 CPI-linked bonds, raising
additional ~NIS 345 million. Credit rating: in March 2017, Ma'alot
raised the Company's credit rating to A with a positive outlook.
-- Residential Real Estate:During H1, the Company sold 824 apartments,
including 522 in Europe.
Below includes additional information regarding apartment sales (signed contracts) during the first half of 2017:
Apartment Sales (signed contracts) in H1 2017:
Companies Consolidated Apartment
Under Companies Units Under
Joint Control Company
Management
Including
Partner
Share
-----
Israel
------
Sales (NIS millions) 533 449 -
------------------- --- --- ---
Number of apartment sale contracts signed 302 257 -
----------------------------------------- --- --- ---
Average price of apartments sold (NIS thousands) 1,765 1,747 -
----------------------------------------------- ----- ----- ---
Europe
------
Sales (NIS millions) 255 134 43
------------------- --- --- ---
Number of apartment sale contracts signed 522 324 61
----------------------------------------- --- --- ---
Average price of apartments sold (NIS thousands) 488 413 698
----------------------------------------------- --- --- ---
Note: recognition of revenues from apartment sales occurs at the time of delivery to the customer, not at the time of sale
Apartments Delivered in H1 2017:
Consolidated Companies
Companies Under
Joint
Control
-------
Israel
------
Revenues from apartments delivered
(NIS millions) 672 -
---------------------------------- --- ---
Number of units delivered 447 -
------------------------- --- ---
Average price of apartments
delivered (NIS thousands) 1,504 -
--------------------------- ----- ---
Europe
------
Revenues from apartments delivered
(NIS millions) 66 5
---------------------------------- --- ---
Number of units delivered 190 4
------------------------- --- ---
Average price of apartments
delivered (NIS thousands) 344 1,203
--------------------------- --- -----
Additional Financial Data:
International Contracting & Infrastructure
H1 2017 H1 2016 Change Source of Change
------- ------- ------ ----------------
REVENUES 975.8 718.9 257 Increase:
35.7% · Nigeria - resumption of work
on projects that had been frozen by
the Company due to the country's
political and economic changes (up
~NIS 64 million compared with H1 2016)
· Texas - ~USD 28 million
increase due to work progress on the
toll road project
· Colombia- ~USD 27 million
increase due to the initiation of work
on the Cundinamarca project
Decline:
· Uganda: ~USD 11 million due
to work slowdown initiated by the
Company until payments are received
from the client
· Guatemala: ~USD 22 million
due to work slowdown initiated by the
Company until payments are received
from the client
· Togo: ~USD 6 million due to
completion of the project
· Effect of fluctuations in the
value of the dollar: caused an
additional decline of ~NIS 54 million
--- ---------------------------------------
127.5 128.9 (1) Increase:
· Nigeria -~USD 1 million due to
increased rate of project execution
GROSS PROFIT · Improved results from Togo &
Ghana: ~USD 8 million
· Texas - ~USD 4 million due to
progress made in the construction of
the express lanes project
Decline:
· Slowdown of work on projects in
Kenya, Guatemala & Uganda -~USD 12
million
· Effect of changes in the shekel/
US Dollar exchange rate - decline of
~NIS 7 million
· Gross margin - declined from
~18% to ~13% due to changes in the
effective exchange rate prevailing in
H1 2017 as compared to H1 2016,
together with the abovementioned
slowdown in project execution in
Uganda and Kenya
--- --------------------------------------
OPERATING PROFIT 67.2 118.3 (51) Decrease:
Primarily from the cancellation of a
NIS 43 million in respect of the
moneys owed by the Nigerian Government
--- ---------------------------------------
SEGMENT PRE-TAX PROFIT 66 (5.9) 72
---------------------- --- ---- ---
Israel Contracting & Infrastructure
H1 2017 H1 2016 Change Source of Change
------- ------- ------ ----------------
REVENUES 1,887.4 1,276.1 611 Increase:
47.9% · Work performed - ~NIS 659
million, primarily related to an
increase in work performed by
the EPC Division, particularly
on the Ashalim project (together
with the consolidation of the
results of the contracting
partnership building the
project), and to the Intel
project.
· Construction Division: ~NIS
54 million, related primarily to
the government office building
projects (Generi 2 and Geology)
currently underway in Jerusalem.
Decrease:
· Roads Division -~NIS 78
million due to a slowing in the
pace of railroad track
construction for the North
Railroad project
· The Cement Division - ~NIS
24 million
--- --------------------------------
GROSS PROFIT 118.4 83.0 35 Increase due primarily to the
increase in the quantity of work
performed by the EPC Department.
The segment's gross margin was
~6%, virtually unchanged from H1
2016.
------------ ----- ---- --- ---------------------------------
OPERATING PROFIT 56.9 43.1 14 Increase due primarily to the
rise in the segment's revenues
and gross profit.
---------------- ---- ---- --- ------------------------------
SEGMENT PRE-TAX PROFIT 50.3 41.0 9
---------------------- ---- ---- ---
Israel Real Estate Development
H1 2017 H1 2016 Change Source of Change
------- ------- ------ ----------------
REVENUES 736.7 330.6 406 Increase:
122.8% · Revenues from apartment
sales - ~NIS 399 million:
during H1 2017, 447
apartments were delivered at
an average price of ~NIS 1.50
million (net of VAT)
(including, among others,
apartments in Yokneam, Hod
Hasharon, Rosh Ha'ayin,
Petach Tikva and Netanya)
compared with 194 units in H1
2016 at an average price of
~NIS 1.41 million (net of
VAT) (including, among
others, apartments in Hod
Hasharon, Hadera, Tzukei
Hashmura and Tirat Hacarmel)
Decrease:
· Revenues from sales of
land - ~NIS 11 million
· Work performed - ~NIS
4 million
--- ------------------------------
GROSS PROFIT 126.6 68.3 5.8 Increase due primarily to the
increase in the number of
apartments delivered and the
sale of land compared with H1
2017. The segment's gross
margin was 17% in H1 2017
compared with 21% in H1 2016.
------------ ----- ---- --- ------------------------------
OPERATING PROFIT 81.2 73.2 8
---------------- ---- ---- ---
SEGMENT PRE-TAX PROFIT 17.9 17.7 35.6
---------------------- ---- ---- ----
International Real Estate Development
H1 2017 H1 2016 Change Source of Change
------- ------- ------ ----------------
REVENUES 106.2 50.9 55 Decrease:
· Revenues from apartment
deliveries - ~NIS 91 million
from the delivery of 257
apartments from a project in
Warsaw during H1, compared with
H1 2016, when ~NIS 35 million in
revenues were recorded from the
delivery of 44 apartments
primarily in Prague, Bucharest
and Belgrade.
· Sales of property and land
parcels - no sales of property
and land parcels were recorded
during H1 2017. In H1 2016,
revenues of ~NIS 4 million were
recorded from the sale of
property and land parcels
· Rental revenues and
management fees - ~NIS 15
million in H1 2017, primarily
from an office building in
Poland, compared with NIS 12
million during H1 2016.
--- ------------------------------
GROSS PROFIT 21.4 12.9 8.5 Increase due primarily to a rise
in the number of apartments
delivered, together with an
increase in the amount of rent
and management fees collected.
------------ ---- ---- --- --------------------------------
OPERATING PROFIT 10.8 1.0 10
---------------- ---- --- ---
SEGMENT PRE-TAX PROFIT (4.3) (9.6) (5.3)
---------------------- ---- ---- ----
Renewable Energy
H1 2017 H1 2016 Change Source of Change
------- ------- ------ ----------------
REVENUES 18.8 26.6 (8) The segment's revenues
derived primarily from the
operations of the Etgal
power station and the
Company's PV projects
-------- ---- ---- --- ---------------------------
GROSS PROFIT 6.1 11.3 (5.2) Decrease due primarily to
the completion of the
building phase of the
Nevatim photo-electric
project during the past
year
------------ --- ---- ---- --------------------------
OPERATING PROFIT 3.2 - 3.2
---------------- --- --- ---
SEGMENT PRE-TAX PROFIT (3.3) 3.4 (6.7)
---------------------- ---- --- ----
Concessions
H1 2017 H1 2016 Change Source of Change
------- ------- ------ ----------------
REVENUES 105.7 133.8 (28.1) Decrease:
· Decline in revenues from the
project in Colombia due to the sale of
50% of the Company's holdings in the
project's Concessionaire and the
discontinuation of its consolidation
into the Company's results
--- ---------------------------------------
GROSS PROFIT 2.6 7.3 (4.7) Decrease:
· The quarter's gross profit
derived primarily from the North Roads
upgrade and maintenance project. The
decline in gross margin derived from
the sale of 40% of the Company's
holdings in this project and the
discontinuation of its consolidation
into the Company's results.
--- ---------------------------------------
OPERATING PROFIT 56.8 112.0 (55.2) Decrease
· ~NIS 55 million decrease due
primarily to the NIS 87 million
capital gain recorded during H1 2016
as a result of the sale of the
Company's holding in the Operator of
the Hadera desalination plant,
compared with the ~NIS 64 million
capital gain recorded during the
reporting period from the sale of 40%
of the Company's holdings in the
Concessionaire of the North Roads
project.
--- -------------------------------------
SEGMENT PRE-TAX PROFIT 78.2 135.5
---------------------- ---- -----
Balance Sheet Highlights:
Cash and Cash Equivalents: totaled ~NIS 1,694 as of June 30, 2017, a ~NIS 1,299 million decline compared with their level at December 31, 2016. The decrease was primarily due to the progress in the execution of the Ashalim Project, the use of cash in projects being carried out in Nigeria, Ghana and Colombia, as well as the transfer of ~USD 117 million to short-term deposits and to financial assets.
Assets Held for Sale: declined by ~NIS 410 million compared with the end of 2016. As of the reporting date, this item included an investment in Carmelton, a portion of the investment in the North Roads project, a portion of the loans granted to these projects, and investment property in Hadera valued at ~NIS 9 million. For the report period ended December 31, 2016, this item also included the assets of a consolidated company (the Company's share of which were sold in 2017), and a company consolidated within the Renewable Energy segment (sold in March 2017).
Accounts Receivable: totaled ~NIS 2,636 million, up ~NIS 575 million compared with the end of 2016, including a ~NIS 266 increase from international activities. Because the Company has renewed its work on projects in Nigeria, accounts receivable owed to the Company by the Nigerian Government increased to ~NIS 86 million as of June 30, 2017. After the end of the period, the International Building and Infrastructure segment collected ~USD 81 million, including ~USD 40 million from Nigeria. Accounts Receivable increased by an additional ~NIS 309 million due to operations within Israel, representing primarily work performed on the Tel Aviv Light Rail project and several Design/Build and PPP projects being carried out for the Israel Government whose payments are tied to the completion of milestones, with payments due when the projects reach a relatively advanced stage of execution.
Building Inventory Held for Sale: increased by ~NIS 85 million compared with the end of 2016, with NIS 38 million attributable to activities in Israel and ~NIS 47 to international activities. The rise in Israel reflected the Company's investment in projects in Pardes Hanna, Hod Hasharon, the Tzukei Hashmura project in Netanya, Yokneam, Ashkelon and Rosh Ha'ayin, as well as from properties categorized as building inventory held for sale and an increase in combination deals. This was countered by the delivery of apartments in projects in Yokneam, Hod Hasharon, Tirat Hacarmel and Netanya. The increase in the inventory of international buildings held for sale was primarily due to the activation of land totaling ~NIS 47 million (primarily in Poland) and from a ~NIS 50 million investment in those projects, countered by the delivery of apartments in Poland valued at ~NIS 68 million.
Land Inventory: declined by ~NIS 161 million compared with its level at the end of 2016, due primarily to the NIS 183 million reclassification of lands in Rishon Letzion and Givat Shmuel as Building Inventory (due to the initiation of construction). Inventories of land for international projects reflected a ~NIS 51 million increase due to the consolidation, for the first time, of projects in the Czech Republic and a ~NIS 6 million increase related to currency translations, countered partially by a ~NIS 42 million reclassification of land held for building due to the beginning of the construction phase of a project in Poland.
Obligations Related to Concessions Agreements: increased by ~NIS 84 million compared with their level at the end of 2016, reflecting primarily a ~NIS 92 million investment in the BOT Generi 2 office building project in Jerusalem excluding ~NIS 8 million depreciation related to the redemption of financial assets related to the Tel Aviv Student Dormitories project and energy projects.
Debts, Loans and Deposits: increased by ~NIS 136 million compared with their level at the end of 2016, due primarily a ~NIS 150 million investment in the Tze'elim project.
Investments and Loans to Subsidiaries: decreased by ~NIS 13 million compared with the end of 2016, including ~NIS 51 million for changes in loans made to subsidiary companies (principal and interest) and a ~NIS 17 million increase due to the recording of part of the Company's results in the net profits of those companies. A ~NIS 7 million rise derived from the Pumped Storage project, and an additional ~NIS 11 million increase derived from the consolidation of a residential real estate development company in Prague. In addition, a ~NIS 79 million increase was recorded for an investment in the Concessionaire of the North Roads upgrade and maintenance project as a result of the Company's sale of 40% of its holdings in the Concessionaire (and the recording of the remaining holdings according to the equity method). This was countered by a ~NIS 20 million decrease related to the sale of the Company's shares in ADO (within the framework of the public sale tender that was carried out during the reporting period); a ~NIS 34 million decline related to the realization of profits from the Building Contractor of the project in Texas; a ~NIS 95 million decrease associated with reclassifications to assets held for sale (in light of the Company's intention to sell to potential investors part of its holdings in projects such as the Carmel Tunnels, the North Roads project and other projects); and an additional ~NIS 28 million decrease due to the recording of the Company's share in funds for hedging cash flow transactions and translation funds.
Fixed Assets: down ~NIS 115 million compared with their value at the end of 2016.
Short Term Credit from Banks and Other Institutions: up NIS 170 million compared with the end of 2016, due primarily to a rise in current maturities of long-term loans (totaling ~NIS 229 million). This was countered by the repayment of short-term bank loans totaling ~NIS 57 million and ~NIS 2 million related to the currency translations.
Advances Received on Contract Work: down ~NIS 40 million compared with the end of 2016, In Israel, advances received declined by ~NIS 120 million due primarily to the drawdown of advances paid on the Ashalim project. This was countered by an ~NIS 80 million increase in advances paid on international projects, primarily in Nigeria.
Advances Received from Apartment Sales, net: down ~NIS 68 million compared with the end of 2016 (including NIS 44 million from Israel), after exclusion of ~NIS 672 million in advances from apartment sales in Israel that had been credited to the income statement.
Long-term Debt: up ~NIS 18 million compared with the end of 2016. The Company's outstanding bonds and bank debt totaled ~NIS 5,633 as of June 30, 2017, compared with NIS 5,577 million at the end of 2016, an increase of ~NIS 56 million. The change derived primarily from the expansion of the Series 8 Debentures, raising ~NIS 345 million, and from the taking of new long-term loans totaling ~NIS 275 million. This was countered by the retirement of ~NIS 109 million in long term loans and bond repayments of ~NIS 259 million. In addition, a decline of ~NIS 229 million was recorded due to a rise in current maturities of long-term debt and a ~NIS 17 million decline as a result of currency translation adjustments. The total of Other Debt, Employee Benefits, Delayed Taxes, Provisions and Accumulated Losses of Subsidiaries totaled ~NIS 280 million.
Shareholders' Equity: the Company's Shareholders' Equity as of June 30, 2017 totaled ~NIS 1,763 million compared with ~NIS 2,071 million as at December 31, 2016. The ~NIS 308 million decrease derived primarily from the translation of the financial reports of the Company's international subsidiaries (~NIS 273 million), which are denominated primarily in US Dollars and Euros; from a ~NIS 91 million dividend payment; and from cash flow bridging transactions totaling ~NIS 27 million. This decline was countered partially by the Company's H1 net profit of ~NIS 79 million.
Operating Cash Flow: the cash flow used by the Company for ongoing activities during the first half of 2017 totaled ~NIS 616 million compared with ~NIS 312 million for H1 2016, representing a ~NIS 304 million increase in negative cash flow. The increase derived primarily from the increase in Accounts Receivable net of account payables - customers of the Israel Construction and Infrastructure division totaling ~NIS 200 million, which was primarily due to the Ashalim project, the Tel Aviv Light Rail project and a number of roads and building projects, together with a ~NIS 445 million increase from the International Building and Infrastructure segment, representing primarily funds owed at the end of the quarter by projects in Nigeria, most of which were paid after the report date. This was countered by the recording of an ~NIS 11 million investment in land inventory during the period, compared with ~NIS 367 million in land inventory investments during the first half of 2016.
Work Backlog:
-- The backlog as of June 30, 2017 does not includes additional
construction projects totaling ~NIS 1.9 billion that the Company's
Concessions, Renewable Energy, Real Estate and Infrastructure segments
have won up to or after the report date in Israel and abroad.
-- The backlog as of June 30, 2017, does not include the revenues expected
to be received from Energy or Concessions projects.
About the Shikun & Binui Group
The Shikun & Binui Group is a global construction and infrastructure company that operates in Israel and internationally in seven segments: 1) infrastructure and construction contracting outside of Israel; 2) infrastructure and construction contracting within Israel; 3) real estate development within Israel; 4) real estate development outside of Israel; 5) renewable energy; 6) concessions; and 7) water. The Group's activities focus on large, highly complex projects carried out for entities in private and public sectors with a focus on sustainability.
IR Contacts:
------------
Company External IR
Inbal Uliansky Ehud Helft
+972 (3) 6301058 GK Investor Relations
inbal_u@shikunbinui.com +1 617 418 3096
shikunbinuni@gkir.com
This summary announcement was prepared solely for the convenience of the reader and does not replace Shikun & Binui Ltd.'s (hereafter - "the Company") full report. The information contained in this announcement is, by its nature, incomplete. All of its contents are provided as a supplement to the Company's report, and are subject to the declarations therein stated. This announcement includes forecasts, assessments, estimates and other information relating to the Company or its subsidiaries, or to other parties or to future events and matters, the extent of whose realization is not certain and is not under the sole control of the Company (forward-looking information, as defined in the Securities Law-1968). The key facts and data serving as the basis for this information are facts and data, among others, related to the current status of the Company and its businesses, facts and data relating to the current status of the operating segments in which the Company engages in its areas of operation, and other macroeconomic facts and data known to the Company on the preparation date of this presentation.
It is understood that forward-looking information does not constitute a fact and is based solely on subjective assessments. Forward-looking information is uncertain and for the most part, is not under the Company's control. The realization or non-realization of the forward-looking information will be influenced, among others, by the risk factors that characterize the Company's operations, as well as developments in the general environment and external factors that impact the Company's operations. The Company's future results and achievements could differ significantly from those presented in this presentation. The Company is not obligated to update or modify the said forecast or assessment, and is not obligated to update this announcement. This announcement does not constitute an offer to purchase the Company's securities or an invitation to receive such offers. An investment in securities in general, and in the Company in particular, carries risk. One must take into account that past data do not necessarily indicate future performance.
Condensed Consolidated Interim Financial Statements
Condensed Consolidated Interim Statement of Financial Position as at
--------------------------------------------------------------------
June 30 June 30 December 31
2017 2016 2016
---- ---- ----
(Unaudited) (Audited)
---------- --------
NIS thousands NIS thousands NIS thousands
------------- ------------- -------------
Assets
Cash and cash equivalents 1,694,168 1,498,379 2,993,490
Bank deposits 623,790 191,899 290,154
Short-term loans and
investments 65,819 236,740 92,028
Short-term loans to
investee companies 1,686 23,762 349
Trade receivables -
accrued income 2,635,585 2,745,272 2,060,621
Inventory of buildings
held for sale 2,553,816 2,489,306 2,468,749
Receivables and debit
balances 529,074 492,731 501,090
Other investments,
including derivatives 187,206 10,524 93,138
Current tax assets 46,476 46,114 37,217
Inventory 194,190 207,813 225,461
Assets classified as held
for sale 107,606 378,461 518,106
------- ------- -------
Total current assets 8,639,416 8,321,001 9,280,403
--------- --------- ---------
Receivables in respect of
concession arrangements 905,815 1,075,247 822,103
Non-current inventory of
land (freehold) 626,225 875,847 789,294
Non-current inventory of
land (leasehold) 340,550 290,147 338,941
Investment property, net 1,003,616 820,338 924,557
Land rights 13,101 15,208 13,021
Receivables, loans and
deposits 522,291 417,659 386,252
Investments in equity-
accounted investees 635,789 627,837 640,993
Loans to investee
companies 554,793 457,368 562,767
Deferred tax assets 128,186 114,196 135,600
Property, plant and
equipment, net 926,588 1,097,870 1,041,533
Intangible assets, net 207,440 215,647 242,586
------- ------- -------
Total non-current assets 5,864,394 6,007,364 5,897,647
--------- --------- ---------
Total assets 14,503,810 14,328,365 15,178,050
========== ========== ==========
Condensed Consolidated Interim Financial Statements
Condensed Consolidated Interim Statement of Financial Position as at (cont'd)
----------------------------------------------------------------------------
June 30 June 30 December 31
2017 2016 2016
---- ---- ----
(Unaudited) (Audited)
---------- --------
NIS thousands NIS thousands NIS thousands
------------- ------------- -------------
Liabilities
Short-term credit from banks and others 1,215,050 1,082,912 1,045,048
Subcontractors and trade payables 1,358,943 1,289,453 1,280,799
Short-term employee benefits 118,828 116,610 135,529
Payables and credit balances including derivatives 681,133 617,426 690,275
Current tax liabilities 101,077 126,726 122,889
Provisions 265,927 305,384 310,003
Payables - customer work orders 1,710,534 1,175,064 1,751,025
Advances received from customers 1,375,713 1,575,605 1,443,812
Dividend payable - 47,866 16,940
Liabilities classified as held for sale - 67,247 415,676
--- ------ -------
Total current liabilities 6,827,205 6,404,293 7,211,996
--------- --------- ---------
Liabilities to banks and others 2,245,382 2,611,140 2,262,410
Debentures 3,387,920 3,233,080 3,314,628
Employee benefits 50,979 58,275 54,056
Deferred tax liabilities 94,329 67,305 123,849
Provisions 104,137 147,456 109,530
Excess of accumulated losses over cost of investment
and deferred credit balance in investee companies 30,416 60,967 30,440
------ ------ ------
Total non-current liabilities 5,913,163 6,178,223 5,894,913
--------- --------- ---------
Total liabilities 12,740,368 12,582,516 13,106,909
---------- ---------- ----------
Equity
Total equity attributable to owners
of the Company 1,574,103 1,594,552 1,892,058
Non-controlling interests 189,339 151,297 179,083
------- ------- -------
Total equity 1,763,442 1,745,849 2,071,141
--------- --------- ---------
Total liabilities and equity 14,503,810 14,328,365 15,178,050
========== ========== ==========
Condensed Consolidated Interim Financial Statements
Condensed Consolidated Interim Statement of Income
--------------------------------------------------
For the
For the six-month period ended For the three-month period ended year ended
------------------------------ -------------------------------- ----------
June 30 June 30 June 30 June 30 December 31
2017 2016 2017 2016 2016
---- ---- ---- ---- ----
(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited)
---------- ---------- ---------- ---------- --------
NIS thousands NIS thousands NIS thousands NIS thousands NIS thousands
------------- ------------- ------------- ------------- -------------
Revenues from work
performed and sales 3,485,420 2,183,912 1,680,605 1,069,956 5,378,963
Cost of work performed
and sales (3,128,179) (1,907,169) (1,502,847) (946,677) (4,541,744)
---------- ---------- ---------- -------- ----------
Gross profit 357,241 276,743 177,758 123,279 837,219
Gain on sale of
investment property 640 46,666 - 46,666 70,543
Selling and marketing expenses (19,288) (14,269) (10,611) (7,411) (32,318)
Administrative and general
expenses (186,737) (166,778) (96,417) (83,029) (366,479)
Share of profits (losses)
of equity accounted
investees (net of tax) 16,631 21,424 (7,380) 19,819 81,172
Other operating income 84,133 145,161 7,918 45,160 451,797
Other operating expenses (33,723) (4,585) (27,267) (1,754) (41,762)
------- ------ ------- ------ -------
Operating profit 218,897 (*)304,362 44,001 (*)142,730 1,000,172
------- ---------- ------ ---------- ---------
Financing income 102,058 81,033 53,873 48,513 182,715
Financing expenses (210,669) (286,112) (88,562) (208,117) (566,483)
-------- -------- ------- -------- --------
Net financing expenses (108,611) (205,079) (34,689) (159,604) (383,768)
-------- -------- ------- -------- --------
Profit (loss) before taxes
on income 110,286 99,283 9,312 (16,874) 616,404
Taxes on income (31,029) (38,026) 2,392 (14,508) (136,455)
------- ------- ----- ------- --------
Profit (loss) for the period 79,257 61,257 11,704 (31,382) 479,949
====== ====== ====== ======= =======
Attributable to:
Owners of the Company 55,061 56,016 (3,188) (37,439) 445,771
Non-controlling interests 24,196 5,241 14,892 6,057 34,178
------ ----- ------ ----- ------
79,257 61,257 11,704 (31,382) 479,949
====== ====== ====== ======= =======
Basic earnings (loss) per
share (in NIS) 0.138 0.141 (0.008) (0.094) 1.119
===== ===== ====== ====== =====
Diluted earnings (loss) per
share (in NIS) 0.137 0.141 (0.008) (0.094) 1.115
===== ===== ====== ====== =====
Consolidated Financial Statements
Operating Segments
------------------
For the six month period ended June 30, 2017 (unaudited)
-------------------------------------------------------
Infrastructures Infrastructures
and and Real estate Real estate
construction construction development development Renewable
(international) (Israel) (Israel) (international) Concessions energy Other Adjustments Consolidated
-------------- ------- ------- -------------- ----------- ------ ----- ----------- ------------
NIS thousands
-------------
Total external revenues 975,818 1,728,888 736,709 106,194 105,649 18,837 23,961 (210,636) 3,485,420
Inter-segment revenues - 158,555 38 - - - - (158,593) -
--- ------- --- --- --- --- --- -------- ---
Total revenues 975,818 1,887,443 736,747 106,194 105,649 18,837 23,961 (369,229) 3,485,420
======= ========= ======= ======= ======= ====== ====== ======== =========
Segment profit (loss) before
income tax 65,999 50,308 78,611 (4,251) 78,209 (3,290) (50,849) (104,451) 110,286
====== ====== ====== ====== ====== ====== ======= ======== =======
For the six month period ended June 30, 2016 (unaudited) (*)
-----------------------------------------------------------
Infrastructures Infrastructures
and and Real estate Real estate
construction construction development development Renewable
(international) (Israel) (Israel) (international) Concessions energy Other Adjustments Consolidated
-------------- ------- ------- -------------- ----------- ------ ----- ----------- ------------
NIS thousands
-------------
Total external revenues 666,773 1,116,784 330,553 50,924 133,823 26,559 21,988 (163,492) 2,183,912
Inter-segment revenues 52,127 159,350 38 - - - - (211,515) -
------ ------- --- --- --- --- --- -------- ---
Total revenues 718,900 1,276,134 330,591 50,924 133,823 26,559 21,988 (375,007) 2,183,912
======= ========= ======= ====== ======= ====== ====== ======== =========
Segment profit (loss) before
income tax (5,922) 41,045 71,798 (9,571) 135,535 3,423 (13,744) (123,281) 99,283
====== ====== ====== ====== ======= ===== ======= ======== ======
Consolidated Financial Statements
Operating Segments (cont'd)
--------------------------
For the three month period ended June 30, 2017 (unaudited)
---------------------------------------------------------
Infrastructures Infrastructures
and and Real estate Real estate
construction construction development development Renewable
(international) (Israel) (Israel) (international) Concessions energy Other Adjustments Consolidated
-------------- ------- ------- -------------- ----------- ------ ----- ----------- ------------
NIS thousands
-------------
Total external revenues 451,395 765,496 448,070 86,202 31,884 9,755 12,526 (124,723) 1,680,605
Inter-segment revenues - 61,344 19 - - - - (61,363) -
--- ------ --- --- --- --- --- ------- ---
Total revenues 451,395 826,840 448,089 86,202 31,884 9,755 12,526 (186,086) 1,680,605
======= ======= ======= ====== ====== ===== ====== ======== =========
Segment profit (loss) before
income tax 21,602 21,568 42,988 5,759 2,375 3,142 (34,720) (53,402) 9,312
====== ====== ====== ===== ===== ===== ======= ======= =====
For the three month period ended June 30, 2016 (unaudited)(*)
------------------------------------------------------------
Infrastructures Infrastructures
and and Real estate Real estate
construction construction development development Renewable
(international) (Israel) (Israel) (international) Concessions energy Other Adjustments Consolidated
-------------- ------- ------- -------------- ----------- ------ ----- ----------- ------------
NIS thousands
-------------
Total external revenues 310,325 623,551 115,589 19,175 87,405 16,648 10,638 (113,375) 1,069,956
Inter-segment revenues 24,343 100,987 19 - - - - (125,349) -
------ ------- --- --- --- --- --- -------- ---
Total revenues 334,668 724,538 115,608 19,175 87,405 16,648 10,638 (238,724) 1,069,956
======= ======= ======= ====== ====== ====== ====== ======== =========
Segment profit (loss) before
income tax (61,628) 20,209 54,098 (9,002) 50,230 8,562 (11,924) (67,419) (16,874)
======= ====== ====== ====== ====== ===== ======= ======= =======
Consolidated Financial Statements
Operating Segments (cont'd)
--------------------------
For the year ended December 31, 2016 (audited) (*)
-------------------------------------------------
Infrastructures Infrastructures
and and Real estate Real estate
construction construction development development Renewable
(international) (Israel) (Israel) (international) Concessions energy Other Adjustments Consolidated
-------------- ------- ------- -------------- ----------- ------ ----- ----------- ------------
NIS thousands
-------------
Total external revenues 1,489,712 2,324,394 1,278,810 146,254 427,383 44,679 40,259 (372,528) 5,378,963
Inter-segment revenues 142,574 444,259 76 - - - - (586,909) -
------- ------- --- --- --- --- --- -------- ---
Total revenues 1,632,286 2,768,653 1,278,886 146,254 427,383 44,679 40,259 (959,437) 5,378,963
========= ========= ========= ======= ======= ====== ====== ======== =========
Segment profit (loss) before
income tax 157,330 82,607 297,152 (2,131) 355,193 22,192 (46,712) (249,227) 616,404
======= ====== ======= ====== ======= ====== ======= ======== =======
View original content:http://www.prnewswire.com/news-releases/shikun--binui-announces-second-quarter-and-first-half-2017-results-300511394.html
SOURCE Shikun & Binui Ltd.
